Mumbai-based B2B2B fintech NBFC platform for distributors Indium Finance has raised Rs 4.5 crore ($563K) in funding Indian Angel Network (IAN). According to the company’s statement, IAN lead investors Sanjay Rishi, Raman Roy, and Manipal Group participated in the round.
Established in 2019 by Shalabh Mohan and Vivek Kumar, who have previously worked with MNCs and domestic banks across different verticals, including credit products, supply chain finance, working capital solutions, etc.
Indium Finance offers an affordable and accessible financing solution to the underserved community of SME borrowers through its platform to bridge the gap of working capital financing options in trading businesses to purchase inventory.
It also provides innovative digital financing solutions for B2B purchases migrating to online platforms.
With this round of funding, Indium Finance will focus on accelerating the acquisition of new customers, building the product platform to provide customized solutions, and expanding the sales and technology teams.
“A lot is being done in the SME space, but still, we believe that it has a huge potential for growth through innovative digital financial services solutions. We will enable SMEs that face difficulties accessing timely financing due to a lack of collateral or required documentation,” Shalabh Mohan and Vivek Kumar said.
Indium Finance claims that it is working with multiple corporate and B2B e-commerce partners, giving it access to 25000+ distributors, dealers, and retailers.
After being a bootstrapped company for nearly four years, the startup plans to use the investment to collaborate with new corporate and e-commerce partners to double the mentioned access in the next six months.